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EDITORIAL ANALYSIS OF NEWSPAPERS IN LESSTHAN 10 MINUTES 2nd February,2017 Presented B chrome
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EDITORIALS COVERED IN TODAY'S LESSON The Hindu o A BUDGET FEW CAN QUARREL OVER o A FINE BALANCE o THE MESSAGE IN THE MEDIAN o READYING FOR THE LONG ROAD LiveMint o WHAT DID THE BUDGET DO FOR AGRICULTURE? o ARUN JAITLEY'S BUDGET HAS NOTHING FOR FARMERS o WHAT HAS UNION BUDGET 2017 DONE TO REVIVE INVESTMENTS?
QUESTION FOR ANSWER WRITING PRACTICE Q: - List the objectives and benefits of Government e-Marketplace (GeM) which is an ambitious government policy to move towards a cashless economy. unacademy discuss [Course] - January 2017 Editorial Analysis of The Hindu and Other Major Newspapers More > (Hindi) January 2017 Editorial Analysis of The Hindu... m Test Preparation UPSC AAS deepanshu.n.singh 17 11d orn in m... January 2017-Editorial Analysis of The Hindu and Other Major Newspapers t5 The course w bring you in-depth analysis of important editor as torn leadng newspapers ike The Hindu, Indian Express Livemint esc which are relevant for Mans as wellas preims Pinned Topics Government examinations These w heip you in your Mans as well as prems preparation About Us Careers Terms Prvacy Contact Us Twitter Facebook created steeply 113 379 21 48 1 Frequent Posters
Breaking down budget 2017 Under Article 112 of the Constitution, the Government of India must present to the representatives of the people an "annual financial statement" of "the estimated receipts and expenditure" of the government for that year financial year. India's financial year runs from April 1 to March 31. Why Railway budget is separate? recommendations made by a British committee in 1924 Why Railway budget merged? Many Railway Ministers have been accused of using the Railway Budget for populist reasons rather than to run the Railways efficiently
Fiscal Deficit target proposed to bring down the fiscal deficit for 2017-18 to 3.2% of the GDP, and to 3% in the following year Why no separate budget for each ministry? Huge process,practically impossible. Why Budget advanced to February 1? speed up the process of getting the Budget approved by Parliament. Once that is done by March-end, spending can begin from April 1. Before it was May en Current economy status Slow growth. It is now 7.1% from forecasted 7.6%
The Goods will subsume other taxes such as excise, customs duty and service tax into one tax and Services Tax or GST M Mid year introduction India's GDP $2 trillion What other steps has the Budget taken to create jobs? The MSMEs corporate tax rate for these firms with a turnover of up to Rs 50 crore has been cut to 25%. The government says 95% of MSMEs will benefit, and hopes that they will be incentivised to add jobs.
spend Rs 1 lakh crore over five years for rail safety should improve safety standards in the Indian Railways, and the proposal to spend Rs 1,31,000 crore by the Railways, I Indian Railways What an Idea,Sir ji! For Transparency for polca issue bonds to fund political parties. funding INFRASTRUCTURE/INVESTMENT Good bye for FIPB-Foreign Investment Promotion Board (FIPB) in 2017-18 To liberalise FDI Only defence and retail, which are under the approval route-FIPB, foreign investors can invest in India under foreign portfolio investors (under category 1 and 2 of alternative invetsment funds) are exempted from the automatic route. indirect transfer provisons future credit to be claimed for 15 years instead of the existing 10 years increased allocations to Modified Special Incentive Package Scheme or M-SIPS to incentivize electronic manufacturing. setting up of a resolution framework under the arbitration and conciliation act to resolve disputes in public contracts in the infrastructure sector
TH: COMBINED SUMMARY OF EDITORIALS ON THE BUDGET Budget this year had been presented in backdrop of rising protectionism, twin balance sheet problem of banking system,and contraction of economy due to demonitisation. o Budgetarv outlavs were Dositive but not substantial. o It had restrained from announcing Universal Basic income (Eco Survey) o Focus of budget was to increase consumption expenditure, increased job prospects, and capital formation. o Reduce in tax from 10% to 5% under tax slab of 25-5 lakh income would spur consumption demand. some logical next steps have been taken, including a bar on cash transactions of more than Rs.3 lakh, a nudge to o Merger of the Railway Budget with the main Budget helps to plan and develop the transport sector as a whole. This o abolition of the Plan and Non-Plan distinction, which in fact was the recommendation of the Expert Committee 10% surcharge on income between 50 lakh to 1 crore shows resolve of govt to improve overall tax collection. businesses to make all payments over Rs. 10,000 digitally, and rationalising the costs of non-cash payments. would also relieve populist tendencies associated with Railway budget as well. on Efficient Management of Public Expenditure in 2013, would shift focus of public debate to revenue and fiscal deficit. Adhering to fiscal deficit of 3.5% for 2016-17 in spite of exceeding the expenditure targets on both the revenue and capital accounts. This is in refreshing contrast to the past when the fiscal deficit target was met through cuts in capital expenditure. This had become possible due to lowered crude oil price and increased Customs tax
By not bowing in front of populist demand to reduce petroleum prices, govt had collected money through Custom tax and this would aid capital formation. Tax-To-GDP ratio had increased 11.3% from estimated 10.8% o At the same time, it must be stated that little has been done to rationalise explicit subsidies which at Rs. 2.7 lakh crore o There is higher allocation for MGNREGA, irrigation and infrastructure projects. Take this with putting textile and o Changing quantum of political funding from Rs. 20,000 to Rs. 2,000 is meaningless as long as there is no cap on the constitute 1.6% of the GDP It signals that no big step would be taken but simple, small positive steps in many directions. leather industry into focus, govt is resolved to create job opportunity for restive youth. number of such people who can make donations anonymously. More clarity is also needed on the electoral bonds proposed to be issued to protect donors from any adverse effects of baring their political leanings From now onwards, railway reforms, by acting on recommendations of expert panels such as the Kakodkar Committee would be done by Finance Ministry. Thus again would be challenging task given acquisition of advanced signalling for train control and, as the Budget notes, elimination of level crossings for smooth operations. Replacement of carriages of old design with the better-engineered Linke-Hofmann Busch coaches would cost at least Rs. 10,000 crore o On the commercial side, passenger tariffs are to be calculated taking into account costs, social obligations and competition from other modes of transport
the government's goal of doubling farm incomes in five years- But no strategy to achieve the target at a time when farm incomes have plunged due to lower crop prices hit severely by demonetisation, which saw farm incomes plummeting, after reeling under drought for two consecutive vears. agriculture growth is expected at 4.1%,But this 4.1% is due to abundant monsoon National Crime Records Bureau (NCRB) had estimated 12,602 farm suicides for 2015, the latest year under investigation, up by 3% from the previous year. years. o Punjab, the food bowl of the country, has lately turned into a suicide hotspot. Punjab has 98% cultivable area under assured irrigation and the crop productivity matches with the best in the world. With 45 quintals per hectare productivity of wheat and 60 quintals/hectare for tice, Punjab tops the global chart All these suggest that farmers in crisis and budget should save them o SOLUTIONS I. A hike in MSP along with 50% profit as recommended by National Commission for Farmers. 2. expanding irrigation and raising crop productivity is the way to enhance farmers income. More crop per drop 3. No tax relief for farmers since, as per the Economic Survey 2016, stands at a meagre Rs20,000 a year for farming families 4. Thus the budget moved away from the days of the Green Revolution, and venturing into corporate farming.